You most likely know all the top titans of the business world who dropped out of college. You’re probably thinking about following in their footsteps, or know other entrepreneurs who eschew getting a degree. It’s inspiring to think that you can run a million-dollar business, from the ground up, and change the world; without attending college, university or getting a degree. Sadly, reality is cold, and there’s more to the story that many people ignore.
Here are 10 major reasons why an MBA is crucial for budding entrepreneurs.
When you’re in business school, you get a hands-on learning experience. No more books, articles or videos about running a successful company. You will experience, for yourself, common mistakes that force entrepreneurs out of the industry – and how to avoid them.
Networking is a fundamental piece of being an entrepreneur. If you don’t have connections, you’ll have a hard time getting anywhere – like a slug trying to get to the top of hill in the rain. In “b-school”, you meet with people who share the same drive and ideas that you do. Not to mention the professors, who have run successful businesses, will be able to show you a thing or two. You will also be able to network even if you get an MBA online; online MBAs are respected just as much as “real” degrees.
You will learn how to manage investments, how to raise money, and how to launch (and operate) organisations – from LLCs to non-profits. This type of education is invaluable, and cuts down the time and energy you’d spend figuring out all of this by yourself.
Top business schools usually have a competition for business plans. Students who have a solid business plan for their startup will compete against other students. Think of it as a “rehearsal” for starting a business that will pull in massive profits.
Every single entrepreneur alive has failed multiple times before finally getting it right. Having an MBA degree means you failed multiple times without losing a fortune; b-schools have entrepreneurship programs that let students fail without having a significant chunk of change hanging on the line.
- Creativity Foster
Starting an MBA lets you take some space to think about how to solve problems and build your decision-making skills. When you have time to make executive-level decisions, as a result of your degree, you will be able to come up with more creative solutions that will put your eventual business over the edge in the industry.
MBA students work directly with “movers and shakers” in the game. Think of working one-on-one with the sharks on “Shark Tank”. Having these mentors backing you is priceless.
Entrepreneurs who aren’t exposed to the business world are in for a surprise. It is extremely difficult to get in. The opposite is true for MBA students. You will learn how to execute an idea properly, as well as how to manage an organisation from top-to-bottom. Whether it’s Marketing, HR, Accounting and Finance, you will learn the ins and outs of those areas.
- Technical Smarts
Business changes. Rapidly. Being an MBA student will give you the technical smarts to make profitable (and smart) decisions to keep up with the evolving industry you’re in. You’ll be shown how to handle risk assessment, perform accurate cost-benefit analyses, and more.
Ideas are a dime a dozen. What matters is how leaders transform those ideas into reality – and execute them. You will learn how to enhance your leadership skills, as well as a variety of financial management strategies that have real-world application.
Any entrepreneur who has a Master of Business Administration has a leg-up on those who don’t. There are many corporate advantages which will help you jump-start your own business.
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